By Steven White, CEO of ITEX
(From keynote address at ITEX�s 31st annual convention.)
Organized retail barter started in 1960 with the founding of
Business Exchange in Los Angeles, a company acquired by ITEX in
2005. Back then, the telephone and face-to-face meetings were the
primary tools to complete a transaction. Over the last five-plus
decades, our industry, led by the people either in ITEX or people
who came to ITEX through acquisitions, has made significant strides
forward with the help of technology, better business practices, and
the longevity of many industry veterans, many of whom are in today�s
audience.
Retail barter�s evolution is somewhat similar to the evolution of
the telephone. Allow me to share a historical parallel. Alexander
Graham Bell launched the telephone March 10, 1876, when his voice
was transmitted by wire to his assistant Thomas Watson. Since that
day, the telephone has completely revolutionized the way we live,
socialize and conduct business.
I
am a firm believer that barter, led by ITEX, will become a
revolutionary tool for small businesses.
Over the years, the telephone evolved from an �operator� plugging in
a wire to connect a call, to rotary phones with party lines, touch
pad phones, to portable phones in your home and cell phones. Along
the way, but mainly beginning in the 70�s, telephone companies added
features like voicemail, call forwarding, call waiting and on-hold
messages. 911 was added for emergencies and 411 for directory
assistance. In order to expand the one-to-one phone call to include
others, further improving their service, companies added conference
calls and video conferencing to add more individuals in the
communication.
What I find most amazing about the evolution of the telephone is
that basic phone service, the ability to dial a number and talk with
some else, has not changed much, however; the continual improvements
and all the available features have made the phone almost impossible
to live without.
Even with all the innovative changes, the telephone is still used
for one primary purpose: �talking to others.�
Barter is still used for one purpose: �trade something you have for
something you want.�
ITEX has expanded and greatly improved the trade transaction and we
have created many valuable and useful tools for our modern-day
users. Over the decades, ITEX and our dedicated team have
continually worked to improve the manner in which businesses
participate in our trading community, growing in size and
reputation, and becoming the defacto leader in the industry. Some of
our accomplishments appear simple, yet are actually quite
sophisticated.
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We invented a recognized exchange medium (the ITEX dollar) thus
eliminating cumbersome one-on-one deals;
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We developed a trading community � the largest in North America
� vastly expanding buying and selling opportunities;
-
We created a multi-office system, so members can buy and sell
outside of their local geographic area, something no competitor
comes close to. By the way, this multi-state community is almost
impossible to replicate due to our many acquisitions;
-
ITEX has acquired 34 exchanges over the years, either directly
or by buying exchanges that previously acquired other exchanges.
We�ve been responsible for 23 of those acquisitions since 2003.
When I say 23, it means we acquired 10 exchanges directly and 13
acquisitions were previously conducted by the exchanges we
acquired. We�ve benefited from the other exchanges� prior
acquisitions and their hard work.
The point is; it is incredibly difficult for anyone else to set up a
multi-state trading community.
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We created an Interactive Voice Recognition telephone technology
(IVR) and internet posting options to facilitate transactions �
all of which can be accomplished 24 hours a day, 7 days a week;
-
We created an online catalogue so members and prospective
members could browse for products and services of interest;
-
We created online accounting, so members could see what they
have transacted in real time and expanded that to include
electronic statements. 88% of members currently receive an
e-statement, none did 15 years ago;
-
We created an awesome CRM software tool we call AIM, to track
member activity, make notes, and of course we have many great
TEAM reports to keep us all apprised of our activity in the
trading community;
-
We created an interlinked technology that seamlessly interacts
between our front end, itex.com for members and the back-end in
TEAM for Brokers, corporate and processing, where often there
are more than 500 simultaneous users doing different functions
at the same time. We once had 51 transactions post in a single
second from 51 different sources � simply incredible!!
These accomplishments didn�t happen by chance or accident. Part of
the ITEX culture is to imagine our future and then take actions to
create it � with people, technology and perseverance. At the end of
the day, we, ITEX, still provide one service: �trade something you
have, for something you want.� Soon to be an indispensable tool for
small business, much like the telephone has become.
(Excerpt of CEO Steven White�s keynote address at ITEX�s 31st annual
convention in Orlando, Florida. � 2013 ITEX Corporation.
All
rights reserved.)
